Baoshan Iron & Steel (600019) H1 2026 earnings summary

Executive summary

• Maintained industry-leading profitability with H1 total profit of RMB 5.78 billion, despite market headwinds and higher raw material costs.

• Revenue grew 6.2% year-over-year to RMB 160.73 billion, driven by product innovation and export growth.

• Continued leadership in R&D, ESG, and digital transformation, with significant advances in AI and green steel initiatives.

Financial highlights

• H1 revenue: RMB 160.73 billion, up 6.2% year-over-year.

• Net profit attributable to shareholders: RMB 4.57 billion, down 6.3% year-over-year.

• Operating cash flow: RMB 14.82 billion, down 11% year-over-year.

• Basic EPS: RMB 0.21, down 8.7% year-over-year.

• Gross margin: 6.0%, down 0.9 percentage points year-over-year.

Outlook and guidance

• H2 focus on user-centric marketing, cost reduction, digital transformation, and efficiency improvement.

• Full-year revenue budget: RMB 330 billion; H1 achieved 48.7% of target.

• Dividend policy: H1 cash dividend of RMB 0.13/share, payout ratio 61.84% of net profit.